U.S. Silica Holdings, Inc. (SLCA) and Liberty Oilfield Services Inc. (LBRT) announced today that they have a settled an intellectual property lawsuit and related counterclaims involving U.S. Silica’s Sandbox Logistics unit. In addition, Liberty and U.S. Silica have signed an amended and restated sand supply agreement for the purchase of sand from U.S. Silica.
“We are very pleased that our two companies resolved our legal differences and found a mutually beneficial, commercial path that solidifies our long-term relationship,” said Bryan Shinn, U.S. Silica president and chief executive officer.
About U.S. Silica
U.S. Silica Holdings, Inc. is a performance materials company and is a member of the Russell 2000. The Company is a leading producer of commercial silica used in the oil and gas industry, and in a wide range of industrial applications. Over its 118-year history, U.S. Silica has developed core competencies in mining, processing, logistics and materials science that enable it to produce and cost-effectively deliver over 1,500 diversified products to customers across our end markets. U.S. Silica’s wholly-owned subsidiaries include EP Minerals and SandBox Logistics. EP Minerals is an industry leader in the production of products derived from diatomaceous earth, perlite, engineered clays, and non-activated clays. SandBox Logistics is a state-of-the-art leader in proppant storage, handling and well-site delivery, dedicated to making proppant logistics cleaner, safer and more efficient. The Company currently operates over 25 mines and production facilities. The Company is headquartered in Katy, Texas and has offices in Frederick, Maryland and Chicago, Illinois.
About Liberty Oilfield Services Inc.
Liberty is an independent provider of hydraulic fracturing services to onshore oil and natural gas exploration and production companies in North America. Liberty was founded in 2011 with a relentless focus on improving tight-oil completions, and an emphasis on customer partnerships and technology to find innovative answers to frac optimization. Liberty is headquartered in Denver, Colorado.
Northern Trust Corp trimmed its holdings in shares of Liberty Oilfield Services Inc (NYSE:LBRT) by 8.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission.
This is just more proof that Liberty Oilfield services lack of diversification will bring the stock down even further during the Crude oil downturn.
U.S. Silica Holdings, Inc.
Michael Lawson
Vice President of Investor Relations and Corporate Communications
(301) 682-0304
lawsonm@ussilica.com